Jacobi Capital Management LLC Lowers Stake in Alphabet Inc. $GOOG

Key Points

• Jacobi Capital Management LLC reduced its stake in Alphabet Inc. by 7.9%, now holding 41,527 shares valued at $6,488,000 after selling 3,565 shares in the first quarter.
• Insiders have been actively selling Alphabet shares, with notable sales including John Kent Walker who sold 23,820 shares for over $4.6 million, resulting in a 35.65% decrease in their ownership.
• Alphabet recently announced a quarterly dividend of $0.21 per share, with a yield of 0.4%, demonstrating its ongoing commitment to returning value to shareholders.

Jacobi Capital Management LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 7.9% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 41,527 shares of the information services provider's stock after selling 3,565 shares during the period. Jacobi Capital Management LLC's holdings in Alphabet were worth $6,488,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. ARQ Wealth Advisors LLC boosted its position in shares of Alphabet by 39.3% during the 4th quarter. ARQ Wealth Advisors LLC now owns 4,964 shares of the information services provider's stock worth $945,000 after purchasing an additional 1,400 shares during the period. Independence Bank of Kentucky boosted its position in Alphabet by 10.2% in the 1st quarter. Independence Bank of Kentucky now owns 14,907 shares of the information services provider's stock valued at $2,329,000 after buying an additional 1,376 shares during the period. Fermata Advisors LLC boosted its position in Alphabet by 2.7% in the 1st quarter. Fermata Advisors LLC now owns 9,771 shares of the information services provider's stock valued at $1,527,000 after buying an additional 259 shares during the period. jvl associates llc boosted its position in Alphabet by 3.5% in the 1st quarter. jvl associates llc now owns 10,055 shares of the information services provider's stock valued at $1,571,000 after buying an additional 343 shares during the period. Finally, Members Trust Co boosted its position in Alphabet by 84.7% in the 1st quarter. Members Trust Co now owns 4,999 shares of the information services provider's stock valued at $781,000 after buying an additional 2,292 shares during the period. Hedge funds and other institutional investors own 27.26% of the company's stock.

Insider Activity at Alphabet

In other Alphabet news, Director John L. Hennessy sold 1,000 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $200.00, for a total transaction of $200,000.00. Following the transaction, the director directly owned 6,916 shares in the company, valued at approximately $1,383,200. This represents a 12.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares of the company's stock, valued at $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 254,710 shares of company stock valued at $49,208,380. 12.99% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

GOOG has been the topic of several analyst reports. Cowen reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Phillip Securities cut Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday. Scotiabank increased their price objective on Alphabet from $200.00 to $240.00 and gave the company a "sector outperform" rating in a research note on Tuesday, July 22nd. Wells Fargo & Company reiterated an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, KeyCorp set a $265.00 price objective on Alphabet in a research note on Wednesday, September 3rd. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $227.56.

Alphabet Price Performance

Alphabet stock opened at $239.56 on Thursday. The stock has a market cap of $2.90 trillion, a P/E ratio of 25.51, a price-to-earnings-growth ratio of 1.61 and a beta of 1.01. The company has a fifty day simple moving average of $200.24 and a 200-day simple moving average of $177.98. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $242.08. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOG - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. During the same period in the previous year, the company earned $1.89 EPS. The company's revenue for the quarter was up 13.8% on a year-over-year basis. Equities analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a $0.21 dividend. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet's dividend payout ratio (DPR) is presently 8.95%.

Alphabet Profile

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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